Currency Economy

China’s miner exodus a ‘big net positive for crypto,’ Mike Novogratz says

Cryptocurrency4 minutes ago (Jul 01, 2021 05:20AM ET)China's miner exodus a ‘big net positive for crypto,’ Mike Novogratz saysChina’s miner exodus a ‘big net positive for crypto,’ Mike Novogratz says

As major miners are leaving China one after another following the country’s crackdown on Bitcoin (BTC), Galaxy Digital CEO Mike Novogratz has echoed other experts in seeing the migration out of China as a positive development.

Novogratz explained on Bloomberg that despite China’s attempt to undermine Bitcoin — like banning mining, banning leverage, and even banning Bitcoin in some places — the original cryptocurrency is still alive and kicking. “Bitcoin still exists and survives in lots of ways,” he said, adding that miners’ migration out of China could be “a big net positive for the ecosystem.”

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